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7 Tips for Avoiding a Financial Hangover at Christmas

7 Tips for Avoiding a Financial Hangover at Christmas

We are all aware that Christmas is an expensive time of the year and many of us tend to do the impulse spend, resulting in a financial hangover in the New Year. Impulse spending is particularly high at this time of the year with all the glitter and display temptations in the shops. And, in recent years there have been the Boxing Day sales to tempt us even after Christmas Day. Here are a few tips to help reduce the hype and avoid a financial hangover into the New Year.

1. Set a budget of spending and stick to it.

2. List everyone you intend buying for and make a note of the maximum spend. Stick to this also.

3. Shop on line. That way you will only look at the things you want to buy and will be less tempted by the glittery display in store that is alongside the item you are after.

4. Agree on spending limits with family members by:

a. Only buying for the kids.
b. Drawing the name of one family member and everyone else putting in a set value to purchase a really nice gift.
c. Spending a small sum and have a Santa lucky dip: such as bags of sweets, a bar of chocolate or a home made gift.
5. Give the gift of time and spend quality time with the person receiving.
6. Hand write a voucher promising to do one of a number of duties that the recipient will appreciate, such as washing the car, cleaning the oven, washing windows.
7. If possible avoid credit cards. Probably not likely if you have not been budgeting throughput the year for gifts. At the very least use credit card in preference to store cards as store cards tend to have higher interest.

Why stress yourself out each year? Start your budget planning now for next year and put money aside for each person on this year�s Christmas list. This way you will be in a better situation next year to avoid a financial hangover at Christmas and into the New Year. Merry Christmas and Happy New Year to you all!
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